Carlsbad-based golf equipment maker Callaway Golf Co. Wednesday reported third quarter net income of $12.8 million, or 15 cents per diluted share, compared to $3.4 million, or 4 cents for diluted share, in the same period last year.
In the first six months of the year, Callaway earned $48.6 million, or 54 cents per diluted share, compared to $58.7 million, or 66 cents per diluted share, in the same period of 2014.
“Overall, we are pleased with our performance in the second quarter and the progress we have made turning our business around,” said Chip Brewer, Callaway’s president and CEO.
“Foreign currency exchange rates and softer than expected market conditions in Asia have proved challenging this year; however, our brand momentum and market shares have continued to increase, we have made substantial progress improving our profitability, and our product pipeline remains robust,” Brewer said.
He said the “overall fundamentals” of the golf industry were encouraging.
The company credited better gross margins for the improved second-quarter profitability.
— City News Service